Need some good news for a change?
We are happy to announce that interest rates have continued their decline following the weekend announcement by the US Treasury Department. In fact, the 15 year fixed is near 5.5%. This presents all of us with a tremendous opportunity to get into contact with our buyers and let them know that rates have swung into their favor and now is the time to execute on a purchase.
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9/9/2008 |
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Average rate change from yesterday: |
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-0.3% |
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Program |
Rate %* |
Points |
Monthly Payment** |
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Conforming Loan Rates ($417,000 or less) |
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30 Year Fixed |
5.750% |
1.00 |
$1,167.15 |
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6.000% |
0.00 |
$1,199.10 |
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15 Year Fixed |
5.375% |
1.00 |
$1,620.93 |
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5.552% |
0.00 |
$1,639.69 |
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Conforming Plus Loan Rates ($417,001 to $729,750) |
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30 Year Fixed |
5.690% |
1.00 |
$2,927.82 |
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6.125% |
0.00 |
$3,068.43 |
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FHA Loan Rates ($362,790 to $729,750) |
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30 Year Fixed |
5.875% |
1.00 |
$2,146.04 |
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6.000% |
0.00 |
$2,175.11 |
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* Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for qualified customers purchasing owner occupied, single family properties. Your buyer's individual rate may vary. |
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** Conforming monthly payments are based upon a $200,000 loan amount, Jumbo payments are based upon $505,000, and FHA monthly payments utilize the lower loan limit of $362,790. |
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Need to be pre-approved for a loan. Call us and we will scedule an appointment with our Coldwell Banker Home Loan Officer. Campbell Communications survey showed that Coldwell Banker Home Loans offers the most reliable loan pre-approval in the industry.
We were talking with a couple of other agents from our Smithtown Long Island office about their frustration after having had worked with "customers", only to hear later that these "customers" purchased a home on their own or with another Coldwell agent We all decided that the general public just doesn't understand how a real estate agent makes a living.
Here at Coldwell Banker, we don't work FOR the broker. We are affiliated with Coldwell Banker, but we are Independent Contractors. If we as individual agents don't sell something, we don't get paid. That is what many buyers don't seem to understand. Someone told us that they were working with a couple who purchased a home with another Coldwell agent. The buyers thought that since they purchased a home with another Coldwell agent, that things were okay and everyone would be happy... Oh no, were they wrong!
This is one of the reasons that a Buyer's Representation Agreement is the way to go. The primary reason really is to be able to represent a buyer in the transaction, but also for us to "hold on to them" after we've spent all those hours, all those phone calls, and all THAT GAS! By the way, if you are a buyer and are hesitant to be tied to a REALTOR, sign a Buyer's Representation for just a weekend or a specific property you are shown. Once you get to know the agent better, if you want, you can extend the agreement and "make an agent's day"!
As of Thursday, August 28th, the 30-year fixed-rate mortgage (FRM) averaged 6.40% with an average 0.6 point, down from two weeks ago when it averaged 6.47%. Last year at that time, the 30-year FRM averaged 6.67%.
The 15-year FRM last week averaged 5.93% with an average 0.6 point, down from two weeks ago when it averaged 6.00%. A year ago at that time, the 15-year FRM averaged 6.12%.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.03% last week, with an average 0.6 point, down from two weeks ago when it averaged 5.99%. A year ago, the 5-year ARM averaged 6.35%.
One-year Treasury-indexed ARMs averaged 5.33% last week with an average 0.7 point, up from two weeks ago when it averaged 5.29%. At that time last year, the 1-year ARM averaged 5.84%.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.) Brought to you by Larry & Sheila and Coldwell Banker Home Mortgage Loans.
On September 6th, the Smithtown Fire Department will be hosting a community wide celebration that will commemorate 100 years of service. It all begins wih a pararde down Main stret at 5p.m. (from Route 111 to Town Hall). The parade will feature the Departments along with their fire apparatus and marching bands.
After the parade, the New York Avenue School will be turned into a fairgrounds fo entertainment. The party includes free rides, a concert and food. The Bank of Smithtown sponsors a Bay Fireworks display. Congratuations Smithtown Fire Department and Thank you! For information, you can call 631-265-1503.
And if you're looking to buy or sell Real Estate on Long Island, New York, LARRY & SHEILA are a professional real estate husband and wife team located in Smithtown, Long Island, New york (Suffollk County) and cover The North Shore of Long Island including Smithtown LI(smithtownrealestate) St James , Nissequogue, Head of Harbor, Nesconset, Old Field, Setauket, Stony Brook, Lake Grove, Lake Ronkonkoma, Melville, Dix Hills, Plainview, Syosset, Kings Park, Hauppauge, Mt Sinai, Rosyln, Muttontown, Brookville, Oakdale, Sayville, Poquott, Centerport, Ft Salonga, Northport, Commack, and more! Please contact us at our email: longislandrealtors@gmail.com
AS A COMMUNITY SERVICE TO OUR CLIENTS , CUSTOMERS, & NEIGHBORS, THE FOLLOWING IS THE SCHEDULE FOR THE SMITHTOWN SCHOOL DISTRICT CALENDAR...
Smithtown Central School District
Tuesday, September 2nd
when:Sep 2, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Wednesday, September 3rd
when:Sep 3, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Tuesday, September 30th
when:Sep 30, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Wednesday, October 1st
when:Oct 1, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Thursday, October 9th
when:Oct 9, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Friday, October 10th
when:Oct 10, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Monday, October 13th
when:Oct 13, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Tuesday, November 4th
when:Nov 4, 2008 where:Smithtown, NY from:Smithtown Central School Dist
Tuesday, November 11th
when:Nov 11, 2008 where:Smithtown, NY from:Smithtown Central School Dist.
Wednesday, November 26th
when:Nov 26, 2008 where:Smithtown, NY
And if you're looking to buy or sell Real Estate on Long Island, New York, LARRY & SHEILA are a professional real estate husband and wife team located in Smithtown, Long Island, New york (Suffollk County) and cover The North Shore of Long Island including Smithtown LI(smithtownrealestate) St James , Nissequogue, Head of Harbor, Nesconset, Old Field, Setauket, Stony Brook, Lake Grove, Lake Ronkonkoma, Melville, Dix Hills, Plainview, Syosset, Kings Park, Hauppauge, Mt Sinai, Rosyln, Muttontown, Brookville, Oakdale, Sayville, Poquott, Centerport, Ft Salonga, Northport, Commack, and more! Please contact us at our email: longislandrealtors@gmail.com
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